Bring water, milk and Tony Chachere’s® Original Creole Seasoning to a boil in a large saucepan over medium heat. Slowly whisk in the grits until smooth. Reduce heat to low, cover and cook, whishing occasionally, for about 20 minutes. Remove from heat and whisk in butter and cheddar cheese.
In a large skillet, over medium-high heat, cook bacon until just crisp. Remove from skillet with slotted spoon to a paper towel-lined plate. Set aside. Pour all but 2 tablespoons of bacon fat from the skillet into a small bowl.
Remove scallops from refrigerator. Drain marinade. Return skillet to medium-high heat. When fat is hot, add scallops making sure they’re not touching. Seat for 1.5 minutes per side. Do not flip until bottom is golden brown. Transfer to plate to keep warm.
Add onion, red pepper, corn and 2-3 tablespoons more of bacon fat to skillet and cook over medium heat until softened, about 5-7 minutes. Add garlic and cook for one more minute. Sprinkle flour over vegetables and continue to cook for one minute.
Whisk in chicken stock and cook until sauce thickens. Add heavy cream, Tony’s Original Creole Seasoning and butter and cook until slightly thickened.
Return the scallops and bacon to the skillet. Cook until heated through, about 2 minutes.
Place about one cup grits into 4 individual bowls. Top grits with a few scallops and some of the sauce. Sprinkle with chopped parsley. Serve immediately.